Apartment Report

Year Ended 2017-12-31

310 East 49 St
#8D
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 1,668
Receivables (Note 3) 354
Prepaid expenses (Note 4) 250
Total Current Assets 2,273
Reserve fund (Notes 2 and 5) 10,707
Property and Improvements: (Notes 2 and 6)
Land 22,337
Building 46,392
Building improvements 37,963
Total 106,691
Less: accumulated depreciation (65,985)
Net Property and Improvements 40,706
Other Assets:
Investment in NCB stock (Note 2) 295
Unamortized credit line finance costs 129
Utility deposit 8
Total Other Assets 431
Total Assets 54,118
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 540
Real estate tax abatements 1,031
Mortgage payable - current portion 599
Prepaid maintenance and laundry income 249
Building improvements payable 94
Accrued mortgage interest 90
Total Current Liabilities 2,602
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 29,413
Unamortized mortgage finance costs (Note 2) (716)
Total Long-Term Debt 28,697
Security deposits payable 406
Total Long-Term Liabilities 29,104
Total Liabilities 31,706
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 1,099
Additional paid-in capital 63,360
Accumulated deficit (42,046)
Total Stockholders’ Equity 22,412
Total Liabilities and Stockholders’ Equity 54,118

OPERATIONS

OPERATIONS
Revenues
Maintenance 20,514
Operating assessment 2,148
Shareholder and other fees 565
Interest and dividend income 195
Transfer fees (Note 2) 212
Laundry income 124
Total Revenues 23,757
Cost of Operations
Administrative expenses Schedule 1 1,354
Operating expenses Schedule 2 9,777
Repairs and maintenance Schedule 3 1,255
Real estate tax 9,830
Mortgage interest 1,075
Corporation taxes 124
Total Cost of Operations 23,414
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 343
Noncash depreciation, amortization and mortgage finance interest costs (2,764)
Net Loss For The Year (2,421)